Standard & Poor’s raises the outlook The Sultanate of Oman from stable to positive affirming credit rating at “BB”
The adjustment of the future outlook came as a result of the governments effort in developing initiatives and measures in Financial and economic aspects.
The agency expects that the continuous government actions will enhance the financial position of the Sultanate of Oman, resulting an increase in its growth flexibility in the face of fluctuations in oil prices.
The agency indicates that efforts are being made to improve the financial performance and policies supporting economic growth were reflected in the reduction of the size of the public debt, and what the gross domestic product is witnessing (at current prices) of strong growth.
The agency expects the public debt to decrease to 16.5 billion Omani riyals by the end of 2023, as the government has successfully reduced the public debt to 16.6 billion Omani riyals during the first quarter of the current year.
The agency expects the non-oil sector to average growth about 3.5% during the period 2025-2026 AD.